Bally, originally founded as a pinball machine maker in Chicago, started making slot machines in 1936. It now designs, manufactures, and distributes technology-based gambling devices and systems. The company also provides casinos with a variety of marketing, data management, accounting, player tracking, security and other software applications and tools.

SHFL, known for its automatic card shufflers, makes a variety of casino equipment, along with proprietary table, electronic table and online games.

Both companies are based in Las Vegas.

Tuesday's deal also includes debt of $8 million and cash of $41 million as of April 30. Bally said it expects the acquisition to eventually result cost savings of at least $30 million.

The deal, which remains subject to SHFL shareholders approval, is expected to close by the second quarter of calendar year 2014.